In a newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's version, he selected that unorthodox academic Varoufakis as his finance minister largely due to the latter's international reputation along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a star rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how Varoufakis had his own motives which included promoting Varoufakis's books as well as experimenting with his own game theories on Greece instead of truly advocating its economic stability.
Tsipras wrote that the negotiations to prevent bankruptcy were “not just a method of achieving a better deal for the country. They became a test, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
During tense discussions, Greece came dangerously close to exiting the single currency area.
At stake was both the country's future and those severe cutbacks demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were subjected to a public vote, an action which threw the EU into a further crisis of identity.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader knew it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts how his former ally had proved himself “unfit for an agreement that required complex and sensitive management.”
He further wrote that his aggressive approach made him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
